10A Action 2008 0602 Attach - Preliminary Official Statement

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reliable but is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Underwriter. All capitalized terms used herein and not normally capitalized have the meanings assigned thereto in the Indenture, unless otherwise stated herein. The information and expressions of opinion herein speak only as of the date of this Official Statement and are subject to change without notice. Neither delivery of this Official Statement nor any sale made hereunder nor any future use of this Official Statement shall, under any circumstances, create any implication that there has been no change in the affairs of the Agency since the date hereof, All financial and other information presented in this Official Statement has been provided by the Agency or the City from their records, except for information expressly attributed to other sources. The presentation of information, including table of receipts from tax increment revenues, is intended to show recent historic information and is not intended to indicate future or continuing trends in the financial or other affairs of the Agency or the City. No representation is made that past experience, as it might be shown by such financial and other information, will necessarily continue or be repeated in the future. THE 2008 BONDS Description The 2008 Bonds will be dated their date of issuance and delivery, will bear interest at the rates per annum set forth on the cover page hereof payable semiannually on March 1 and September 1 (each, an "Interest Payment Date"), commencing March 1, 2009, and will mature on the dates and in the amounts set forth on the cover page hereof. The 2008 Bonds will be issued in denominations of $5,000 or any integral multiple thereof, so long as no 2008 Bond shall have more than one maturity date. The 2008 Bonds will be issued only as one fully registered 2008 Bond for each maturity, in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"), as registered owner of all 2008 Bonds. See "APPENDIX F -Book-Entry Only System" below. Ownership may be changed only upon the registration books maintained by U.S. Bank National Association (the "Trustee") as provided in the Indenture. See "Transfer and Exchange of 2008 Bonds" below. Each 2008 Bond shall bear interest from the Interest Payment Date next preceding the date of authentication thereof, unless (a) it is authenticated after a Record Date and on or before the following Interest Payment Date, in which event it shall bear interest from such Interest Payment Date; or (b) it is authenticated on or before February 15, 2009, in which event it shall bear interest from the Closing Date; provided, however, that if, as of the date of authentication of any 2008 Bond, interest thereon is in default, such 2008 Bond shall bear interest from the Interest Payment Date to which interest has previously been paid or made available for payment thereon. The 2008 Bonds shall mature and shall bear interest calculated on the basis of a 360-day year of twelve 30-day months. Interest on the 2008 Bonds (including the final interest payment upon maturity or redemption) is payable when due by check or draft of the Trustee mailed to the Owner thereof at such Owner's address as it appears on the Registration Books at the close of business on the preceding Record Date; provided that at the written request of the Owner of at least $1,000,000 aggregate principal amount of 2008 Bonds, which written request is on file with the Trustee as of any Record Date, interest on such 2008 Bonds shall be paid on the succeeding Interest Payment Date to such account in the United States as shall be specified in such written request. -3-